Six Cash Flow Boosters

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Here are six cash flow boosters, as provided by consultant Norm Grill, and published in the June 20th Westchester County Business Journal: 1) Establish payment terms from the start, with your proposal, estimate or contract; 2) Analyze customer payment patterns, and revise terms and payment methods so they are more favorable for you; 3) Closely monitor accounts receivable aging; 4) Negotiate favorable payment terms (e.g., discounts for prompt payment); 5) Use email for invoicing and software to manage cash flow; 6) Consider hiring a skilled finance professional

Take the Guesswork out of Pricing

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According to an Inc. Magazine article in the June, 2005 issue, now is an important time for business owners to be reviewing pricing. To get to correct pricing, you have to take costs, competitors, customers and salesforce feedback into account. But most of all, the value that your product or service provides should be considered when setting pricing.

Foundations of a Winning Business Plan

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Karen Grajwer, a second year MBA student at Harvard Business School won the HBS Business Plan Contest for her plan for a company called Uplift, which will offer sophisticated, fashionable bra styles for fuller-sized women. Grajwer’s advice for future entrepreneurs: 1) surround yourself with a good team, and 2) know your market.

Panel of Experts describes the “Road to an IPO”

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This morning a panel of experts convened at the NASDAQ MarketSite to describe the measures that any company considering an IPO in the future should be taking: 1) Strengthen internal controls to be in compliance with SOX 404, 2) Develop accurate forecasting of quarterly earnings, 3) Streamline the quarterly closing process (the SEC is unforgiving to companies that cannot file their 10-k within 45 days), 4) Look to add independent board members as necessary, 5) Look to add a financial expert to the Board audit committee, 6) Look into enhanced Directors and Officers liability insurance 7) Make sure your CEO/CFO has the energy and commitment to speak to analysts and investors, on a pre-IPO and post-IPO basis, 8) Consider if this is the right time to hire a COO and full-time Investor Relations officer. Panel members included Mark Davis (Deloitte & Touche), Stephen Older (Akin, Gump, Strauss, Hauer & Feld), James Runcie (UBS Investment Bank), David Guyer (Eyetch Pharmaceuticals), Heather Sweeny (NASDAQ), and moderator Ed Paisley (The Deal). The panel discussion was sponsored by the Executive Council of New York.

DVD Rental Company Credits Blog for Doubled Sales

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The San Francisco Chronicle reports that an online DVD rental company is now receiving 80,000 visitors per month to the GreenCine Daily Blog , with daily dispatches from film festivals around the world. Owner Dennis Woo had doubts when an employee first asked permission to start the blog, but now credits it for doubling his sales in 2004.